Mortgage

René Jones Named Chairman and CEO of M&T Bank Corp.

December 27, 2017

BUFFALO, NY—Following the sudden death of its longtime chairman and CEO Robert G. Wilmers earlier this month, M&T Bank Corp. announced on Dec. 20 that René F. Jones was appointed chairman and CEO of M&T and its principal banking subsidiary, M&T Bank. He was also elected to the Board of Directors of both M&T Corp.…

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Commercial/Multifamily Borrowing Up 21% Year-Over-Year

November 19, 2017

WASHINGTON— According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on Nov. 9, third quarter 2017 commercial and multifamily mortgage loan originations were 21% higher than during the same period last year and 8% higher than the second quarter of 2017. "Borrowing and lending associated with commercial and multifamily…

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Orange Bank & Trust Company Opens Full Service Branch in Mount Vernon

August 28, 2017

MIDDLETOWN — The Board of Directors and CEO Michael Gilfeather of Orange Bank & Trust Company announced on Aug. 24th that the bank had opened its fourth full service branch in Westchester County. The branch is located at 510 South Columbus Ave. in Mount Vernon. This new branch supports the bank’s strategic plan to expand…

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Real Estate, Lending Industries Offer Mixed Reactions To CFPB’s ‘Know Before You Owe’ Disclosure Changes

July 12, 2017

WASHINGTON—The Consumer Financial Protection Bureau finalized updates to its “Know Before You Owe” mortgage disclosure rule with amendments released on July 7th that the bureau stated are intended to formalize guidance in the rule, and provide greater clarity and certainty. The changes will facilitate implementation of the Know Before You Owe rule by the mortgage…

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U.S. Foreclosure Activity Drops To Lowest Level Since Nov. 2005

May 15, 2017

IRVINE, CA– ATTOM Data Solutions, curator of the nation’s largest multi-sourced property database, released its April 2017 U.S. Foreclosure Market data earlier this month, which shows foreclosure filings—default notices, scheduled auctions and bank repossessions—were reported on 77,049 U.S. properties in April, down 7% from the previous month and down 23% from a year ago to…

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Orange Bank & Trust’s Services Division Relocates

May 15, 2017

MIDDLETOWN—Orange Bank & Trust recently reported its Trust Services Division has relocated its operations from the headquarters in Middletown, to the Chester office at 91 Brookside Ave. in Chester. Orange Bank & Trust’s steady expansion has caused the bank to outgrow its capacity at headquarters and the move of the Trust Services Division will help…

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Hudson United Expands into Connecticut

May 15, 2017

WHITE PLAINS—Hudson United Mortgage recently announced it is now a licensed mortgage lender in Connecticut. “We’re looking forward to continuing to expand our company across the tri-state area and the East Coast corridor,” said Christopher Rand, operations manager at Hudson United Mortgage. “We have many referral relationships in Connecticut, so we can now serve their…

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Commercial/Multifamily Borrowing Up 9% in First Quarter From Last Year

May 15, 2017

WASHINGTON—According to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations released on May 4th, first quarter 2017 commercial and multifamily mortgage loan originations increased 9% compared to the same period last year, and in line with the seasonality of market, first quarter originations were 27% lower than the fourth quarter of…

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Former Ramapo LDC Director Pleads Guilty in Bond Fraud Case

March 8, 2017

WHITE PLAINS—The former executive director of the Ramapo Local Development Corp. N. Aaron Troodler pled guilty on March 7th to federal securities fraud and conspiracy charges in connection with the bond financing for the construction of what is now known as the Palisades Credit Union Park, and other projects, including the failed The Hamlets condominium…

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A.S.A.P. Mortgage Opens Fourth Branch Office

February 11, 2017

  CROTON-ON-HUDSON—Rescheduled a day later due to the snowstorm, officials and staff with A.S.A.P. Mortgage Corp. opened its fourth Westchester County branch location on Friday, Feb. 10. A host of local and county officials were on hand for the festivities to commemorate the opening of the firm’s new location at 125 Grand St. in Croton-on-Hudson.…

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New Study Details Shifts in Rented vs. Owned Housing Stock

February 10, 2017

WASHINGTON—The Research Institute for Housing America has released a new study examining the shift of existing housing stock between owner-occupied and rental over time. The study found that between 2000 and 2014, roughly 6.5% of homes built prior to 2000 and 10.3% of homes built in the 1990s, shifted from owner-occupied to rental status. The…

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NAR Finds Real and Imaginary Barriers Holding Back Prospective Homebuyers

February 10, 2017

WASHINGTON— Existing-home sales increased 3.8% to a 10-year high in 2016, but affordability pressures, student debt and possible confusion about down payment requirements prevented many aspiring homeowners from reaching the market, according to recently released consumer insight from the National Association of Realtors. NAR's Aspiring Home Buyer Profile analyzed 2016 quarterly survey data from its…

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Montreign Casino Financing Deal Closes

February 10, 2017

MONTICELLO, NY—Montreign Operating Company, LLC, a wholly-owned indirect subsidiary of Empire Resorts, Inc. recently announced the successful closing of its senior secured first lien term loan facility and senior secured revolving credit facility. The financing provides an aggregate of $485 million senior secured first lien term loans, consisting of $70 million of Term A loan…

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Trump Suspends FHA Mortgage Insurance Premium Reduction

January 25, 2017

WASHINGTON—A cut in the FHA annual mortgage insurance premium announced in the final days of the Obama Administration earlier this month, was “suspended indefinitely” in the initial hours of the new Trump Administration. The move was part of a host of executive orders issued by President Donald Trump in his first week in office that…

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A.S.A.P. Mortgage Schedules Grand Opening Of Fourth Westchester County Location

January 13, 2017

CROTON-ON-HUDSON—A.S.A.P. Mortgage Corp. will be celebrating the opening of its fourth Westchester County branch location at 125 Grand St. here with an open house and ribbon cutting celebration on Thursday, February 9th at 11 a.m. “We are excited to be opening our fourth Westchester County branch office and expanding our team of seasoned mortgage professionals,”…

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Commercial/Multifamily Delinquencies Remain Low, CMBS Up Slightly

December 13, 2016

WASHINGTON—Delinquency rates for commercial and multifamily mortgage loans remained low in the third quarter of 2016, according to the Mortgage Bankers Association's Commercial/Multifamily Delinquency Report. "Commercial and multifamily mortgage delinquencies were once again quite low in the third quarter, because of the continued strength in the market fundamentals," said Jamie Woodwell, MBA's Vice President of…

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BARRISTER'S BRIEFING: 2017 Will Bring New FHA Loan Limits

December 12, 2016

On December 1, 2016 the Federal Housing Administration announced their new schedule of loan limits for 2017. The newly increased limits apply to most areas of the nation as a result of an increase in housing prices over the past calendar year. In those areas deemed by FHA to be “high-cost areas,” the FHA national…

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